Ernst & Young To Pay $99M To Settle Lehman Litigation

Law360, Los Angeles (October 16, 2013, 9:47 PM EDT) -- Ernst & Young LLP has agreed to pay $99 million to settle claims in an investor class action against former officials and auditors of Lehman Brothers Holdings Inc., ending long-running multidistrict litigation over the bankrupt company’s securities offerings, according to a memo released Wednesday.

Ernst & Young's settlement announcement, which was submitted Friday to U.S. District Judge Lewis A. Kaplan but not docketed until Wednesday, brings the recovery on behalf of the plaintiffs — who are institutional and individual Lehman investors — to $735 million, their...
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